Golden Group Faces Hefty Fine for Failure to Disclose Financial Information

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The Golden Group Joint Stock Company, based in HCM City, has recently incurred a significant fine of over VNĐ90 million (approximately US$3,700) from the State Securities Commission. This fine, imposed through Decision 40/QD-XPHC, stems from the company’s failure to adhere to regulatory requirements regarding information disclosure, particularly concerning financial and annual reports.

The violations included the company’s failure to disclose essential information on various platforms, such as the State Securities Commission’s Information Disclosure System, the HCM City Stock Exchange’s electronic information portal, and the company’s electronic information portal. Specifically, the company should have disclosed its separately audited and consolidated financial reports for 2022 and its semi-annual separately audited and consolidated financial reports for 2023.

The Golden Group Joint Stock Company, known as Louis Capital Joint Stock Company, was founded in 2012 and commenced trading on the Ho Chi Minh City Stock Exchange in 2018. The company operates across diverse investment sectors, including real estate, securities, debt trading, aquaculture, agriculture, and livestock farming.

In terms of financial performance, the company experienced a substantial decline in net revenue during the first nine months of 2023, reporting VNĐ2.7 billion—a reduction of over 99% compared to the same period in the previous year, which amounted to VNĐ575.7 billion. Despite efforts to mitigate losses, the Golden Group still recorded a post-tax loss of VNĐ21.1 billion during this period, though this was a slight improvement from the VNĐ24.9 billion loss reported in the corresponding period of the previous year.